Karen Finerman concurred, saying that there will be some volatile days leading up to the debt ceiling debate, but isn't changing her strategy because of it.

Steven Rees, private bank head of U.S. equity strategy at J.P. Morgan , was a guest on the show and said he's not expecting a big pullback. He added that they're overweight U.S. equities and that investors should hold onto what they own, while selectively buying on pullbacks. He argued that financials should do well in 2014, when tapering will likely be in effect along with higher interest rates.

For their "shutdown shopping lists," Kelly was a buyer of gold, with expectations that the government shutdown will cause the Federal Reserve to postpone tapering even longer. Guy Adami suggested buying stocks that have stood strong against negative headlines, such as Visa , Mastercard and Celgene, while Grasso continued to like his favorites: Tesla Motors , Bank of America , and Google.

Twitter filed its S-1 with the SEC and revealed that it has 215 million monthly active users, 100 million of which were considered daily users. Mobile has been its primary driver for growth and in 2011 to 2012, revenues increased 198% to $316.9 million. In the first six months of 2013, revenues were up 107% to $253.6 million.

Sam Hamadeh of PrivCo was a guest on the show and said Twitter should have very strong gross margins, because the company is a cash cow with little overhead expenses. He added that some of the user data was a bit disappointing and expects the IPO to launch on either Nov. 8 or Nov. 15.

Both Adami and Kelly said they would rather own Twitter instead of Facebook, because it's more appealing to investors and has a better business model. Kelly added that a Facebook-like IPO disappointment is unlikely and that he would short LinkedIn if it breaks below $240.

Grasso said he would expect more investors to sell stock in Facebook for the Twitter IPO, than sell out of Google.

Union Pacific warned on its earnings, blaming mild weather and flooding in Colorado for its weaker-than-expected results. Kelly said to be careful on Friday, as the 50-day moving average crosses the 100-day moving average to the downside, a bearish technical setup.

Regarding the recent price action in the broader market, Grasso said this is a huge buying opportunity if the market is selling off over default fears, because that will not happen.